EURUSD Daily Analysis – July 16, 2018

EURUSD extended its downside movement from 1.1790 to as low as 1.1613. Further decline could be expected after a minor consolidation and next target would be at 1.1550 area. Resistance is located at the top trend line of the price channel on the 4-hour chart, only a clear break above the channel resistance could bring the price back towards 1.1800.

EURUSD 4-hour chart